General Motors (GM) has teamed up with several major electric-charging networks to offer customers access to nearly 60,000 plugs across the U.S. and Canada. But Blink Charging stock and other EV charging shares fell.
The tie-ups are part of GM’s Ultium Charge 360 platform, which integrates charging networks, GM vehicle mobile apps, and other products and services to simplify the overall charging experience for GM EV owners.
The first GM and EVgo sites are now live in Washington, California and Florida. The companies plan to have more than 2,700 fast chargers in cities and suburbs by the end of 2025.
Each site is capable of delivering up to 350 kilowatts and averages four chargers per site. GM and EVgo are on track to have approximately 500 fast-charging stalls live by the end of 2021.
As of March, Blink’s EV charging network spanned more than 23,000 charging stations, while ChargePoint had 132,000 charging ports globally.
ChargePoint, Blink Charging Stock
Shares of the charging network operators fell, with Blink Charging stock down 5.5% on the stock market today. ChargePoint stock lost 4.5%. Blank-check company Climate Change Crisis Real Impact I Acquisition (CLII), which is taking charging network operator EVgo public, eased 4.4%.
GM, which reports earnings next week, fell 4% after rival Ford (F) slashed production guidance due to the global chip shortage.
GM is developing next-generation Ultium batteries to power the Cadillac Lyriq, GMC Hummer EVs and the Chevrolet Silverado electric pickup truck among other vehicles.
No. 1 U.S. automaker GM committed more than $27 billion to EV and AV product development through 2025, including $7 billion in 2021, and plans to launch 30 EVs globally by the end of 2025.
Follow Adelia Cellini Linecker on Twitter @IBD_Adelia.
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